Platts Pipeline Development and Expansion NuStar Energy s Eagle Ford Program Presented by Mike Crossey September 17, 2013

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1 Platts Pipeline Development and Expansion NuStar Energy s Eagle Ford Program Presented by Mike Crossey September 17,

2 NuStar Overview Asset Stats: Operations in the U.S., Canada, Mexico, the Netherlands, including St. Eustatius in the Caribbean, the United Kingdom and Turkey. Own 87 terminal and storage facilities Approximately 97 million barrels of storage capacity 8,621 miles of crude oil and refined product pipelines 50% interest in a joint venture that owns a terminal and an asphalt refinery with throughput capacity of 74 MBPD 1

3 Shale Oil Providing Growth Opportunities in NuStar s Transportation Segment A key strategic objective is to grow earnings from fee-based logistics services Redeploying existing and/or building new pipelines and terminals in the shale oil regions Diversifying customer base and expanding logistics services for crude oil, condensate and natural gas liquids through asset modifications, expansions and strategic acquisitions Majority of internal growth capital will be spent on shale pipeline projects Tremendous opportunities for growth in our own backyard To date NuStar has completed five internal growth projects in the Eagle Ford Shale region with additional projects forthcoming 2

4 Internal Growth Project #1: Reactivation of Pettus to Corpus Christi Pipeline Entered into a pipeline connection and capacity lease agreement with Koch Pipeline NuStar reactivated a 60-mile pipeline that had been idle since November 2005 Project connected our existing Pettus, Texas to Corpus Christi pipeline segment to Koch s existing pipeline Placed into service July 2011 with pipeline capacity of around 50 thousand barrels per day Pettus South Pipeline Reactivation Project for Koch Pipeline NuStar s Oakville Terminal Existing NuStar Pipeline Reversals New 12 Pipeline Constructed for Valero South Texas Crude Oil System (Acquired from TexStar) NuStar Overview OAKVILLE PETTUS THREE RIVERS REFINERY PAWNEE Koch Mayo Sta. Valero West Plant CORPUS CHRISTI NORTH BEACH 3

5 Internal Growth Project #2: Reversal of Corpus Christi to Three Rivers 8 Pipeline Pipeline historically moved refined products from Valero s Corpus Christi refinery to Three Rivers area Reversed and placed in crude oil service to supply Valero s Corpus Christi refinery in September 2011 Pipeline can be utilized to supply crude oil to Valero Energy s Corpus Christi or Three Rivers refineries Throughput capacity of approximately 40 thousand barrels per day Pettus South Pipeline Reactivation Project for Koch Pipeline NuStar s Oakville Terminal Existing NuStar Pipeline Reversals New 12 Pipeline Constructed for Valero South Texas Crude Oil System (Acquired from TexStar) NuStar Overview OAKVILLE PETTUS 12 THREE RIVERS REFINERY PAWNEE Koch Mayo Sta. Valero West Plant CORPUS CHRISTI NORTH BEACH 4

6 Internal Growth Project #3: Construction of New 12 Crude Oil Pipeline Completed construction of a 55-mile 12 crude oil pipeline in the 4th quarter of 2012, which is utilized by Valero Energy Pipeline can be utilized to supply crude to Valero Energy s Corpus Christi or Three Rivers refineries Capacity of up to 100 thousand barrels per day Pettus South Pipeline Reactivation Project for Koch Pipeline NuStar s Oakville Terminal Existing NuStar Pipeline Reversals New 12 Pipeline Constructed for Valero South Texas Crude Oil System (Acquired from TexStar) NuStar Overview OAKVILLE PETTUS 12 THREE RIVERS REFINERY PAWNEE Koch Mayo Sta. Valero West Plant CORPUS CHRISTI NORTH BEACH 5

7 Internal Growth Project #4: Connection of 16 Corpus to Three Rivers Pipeline to TexStar Pipeline System TexStar Midstream services constructed a 65-mile, 12-inch pipeline that can transport 100 thousand barrels per day of crude and condensate from Frio, McMullen and La Salle Counties, Texas to Three Rivers, Texas TexStar pipeline is interconnected to a new storage facility constructed at Three Rivers, Texas by NuStar Storage facility comprised of three 200 thousand barrel storage tanks Storage facility connected to NuStar s existing 16-inch pipeline that can transport up to 240 thousand barrels per day to NuStar s Corpus Christi North Beach storage terminal Connection and storage facility completed in 4th quarter 2012 Pettus South Pipeline Reactivation Project for Koch Pipeline NuStar s Oakville Terminal Existing NuStar Pipeline Reversals New 12 Pipeline Constructed for Valero South Texas Crude Oil System (Acquired from TexStar) PAWNEE 12 OAKVILLE PETTUS NuStar Overview THREE RIVERS REFINERY Koch Mayo Sta. Valero West Plant CORPUS CHRISTI NORTH BEACH 6

8 Internal Growth Project #5: Pawnee Pipeline Further Expands Capacity for Shipper in Eastern Portion of Eagle Ford NuStar completed construction on a 100 thousand barrel terminal facility, truck offloading facilities and a pipeline connection to NuStar s existing 12 Pettus line for ConocoPhillips 12 Pettus line is connected to NuStar s Three Rivers to Corpus 16 line giving shippers the ability to move Eagle Ford production to Corpus Christi Dock expansion at Corpus Christi North Beach Terminal will give ConocoPhillips and other customers more options to move Eagle Ford crude Projected completion in the 2nd quarter of

9 December 2012 Crude Oil Pipeline Acquisition from TexStar In December 2012, NuStar acquired TexStar s 140 miles of crude oil transmission and gathering lines as well as five storage terminals for $325 million Provides Eagle Ford Shale region crude oil producers the ability to move production to Corpus Christi Crude oil producers have access to NuStar s Corpus Christi storage and dock space that can be utilized for shipments to other markets Currently shipping around near capacity and have active open season to secure commitments to expand the system 8

10 Open Season for South Texas Crude Oil Pipeline System Project South Texas Open Season commenced July 17, 2013 and ends September 30, 2013 Assessing shipper interest in committed space to transport Eagle Ford Shale crude oil from several terminal locations on our South Texas Crude Oil Pipeline System to our Corpus Christi North beach facility Proposed project includes pipeline capacity upgrades to segments of our South Texas Crude Oil Pipeline System Total incremental capacity of 100,000 barrels per day would occur in two phases: First phase would add incremental throughput capacity of approximately 35,000 barrels per day and should be available for service in the third quarter of 2014 Second phase would add incremental throughput capacity of approximately 65,000 barrels per day and should be available for service in the first quarter of

11 NuStar s Eagle Ford Shale Pipeline System NuStar s Throughputs in the Eagle Ford Shale Expected to Increase Q Q Q Q 2014 Throughputs (MBPD) Capacity (MBPD) 10

12 Eagle Ford Shale a Transformative Economic Impact for Texas but has Resulted in Transportation Challenges Production in the Eagle Ford Shale continues to increase and will exceed 1 million barrels per day by the end of 2013 As producers better understand the formations in their drilling programs, efficiencies are emerging, allowing more wells to be drilled with fewer rigs Advantages for the Eagle Ford Shale producers is close proximity to US Gulf Coast refineries and greater infrastructure Most crude oil imports came to the US Gulf Coast and supplied Gulf Coast and mid-continent refineries; now flow is reversed Growth in U.S. light oil production, particularly from the Williston, Eagle Ford and Permian, has displaced an increasing amount of imported light oil Much greater volumes of shale oil have overwhelmed transportation and storage infrastructure, however, numerous large-diameter pipeline projects completed and underway Source: EIA Data, BENTEK Energy April 2013 Crude Oil Production Monitor 11

13 Eagle Ford Production vs. Takeaway Capacity 1,800 Eagle Ford Production vs. Takeaway Capacity Projections (Barrels per Day in thousands) 1,600 1,400 1,200 1, Historical Eagle Ford Crude Production Bentek Crude Projection Total Eagle Ford Pipeline Takeaway Capacity Current takeaway capacity expected to be approximately 1.6 million barrels per day, which will equate to production estimates by 2018 Customer interest is driving continued takeaway capacity Customers want optionality and capacity for growth in areas served by NuStar Continued production growth in oil window as producers become more efficient and drill to hold acreage 12

14 Major Eagle Ford Shale Take Away Projects Line Capacity Primary No. Company Size BPD Destination Route Connections 1 NuStar Energy Various 428,000 Corpus Christi Gardendale to Corpus Christi Marine Terminal; Three Rivers - Corpus Christi Crude Pipelines; Pettus to Corpus Christi Pipeline; Pawnee to Corpus Christi Pipeline Corpus Christi area refineries, NuStar Corpus Christi North Beach Terminal; Open Season Announced for Expansion of South Texas Crude Oil Pipeline System 2 Enterprise 24" 350,000 Houston Wilson County to Sealy, Texas; Fed from existing gathering system Houston area refineries; ECHO Terminal 3 Plains-Enterprise JV 24" 350,000 Corpus Christi and/or Houston Gardendale to Sealy/Houston or Corpus Christi Marine Terminal Move crude and condensate; Delivers to Three Rivers 4 Kinder Morgan Eagle Ford Crude/Condensate 24" 300,000 Houston DeWitt County to Houston; Building 27- mile, 12'' lateral to Phillips 66 Sweeney refinery (100,000 BPD) Move crude to upper ship channel and Galena Park condensate facility in Koch Pipeline/Flint Hills Resources 20" 350,000 Corpus Christi Various pipelines into Corpus Christi; 250,000 BPD from Eagle Ford; Truck terminal at Helena; Pipeline to Pettus Pettus to Corpus Christi via NuStar Pipeline; Supply Flint Hill's 300,000 BPD refinery and 2.6 MM Bbl Marine Terminal at Corpus Christi 6 Harvest Pipeline 16", 10" 230,000 Corpus Christi Double Eagle Pipeline; Magellan/Kinder JV Plains (Purchased from US Development Group) Enbridge-Exploring Eagle Ford condensate shipments to Canada Source: Company Websites 14" 150,000 Corpus Christi n/a Rail facility St. James, LA n/a 10 Howard Energy/Live Oak Railroad n/a 11 Sunoco Logistics Partners - Eaglebine Express Pipeline Southern Light Rail Road Hub Canada Multiple n/a 60,000 Houston Gardendale to Corpus Christi; Expand to 350,000 BPD; 80,000 BPD existing Pearsall P/L plus new 150,000 BPD Gardendale P/L Condensate Pipeline; Gardendale in west and Karnes in east into Three Rivers Gardendale terminal can ship 40,000 BPD crude/condensate to St. James with 100 car unit trains Open season for 50,000 BPD additional capacity; currently 180,000 BPD Live Oak County for Eagle Ford crude and drilling material Binding Open Season announced May 2013 to transport production from the Eaglebine and Woodbine crude areas to Nederland, Texas Delivers into Martin Midstream terminal in Corpus Christi; Built 90,000 BPD Pipeline from Karnes County to Three Rivers Feeds into 500,000 bbl Magellan storage terminal in Corpus Christi; Statoil and Talisman Energy commitments 13

15 Map of Major Eagle Ford Shale Take Away Projects 14

16 Offtake Ports for Marine Shipments from Corpus Christi 000 BPD Source: ClipperData, Clipper Eagle Ford Crude Shipments, August

17 Current Eagle Ford Constraints and Issues Competition of Eagle Ford Barrel with Cushing/Permian Barrel Eagle Ford crude oil will compete directly with Cushing/Permian Basin barrels in the Houston/Port Arthur Area Additional Corpus Christi Waterborne shipments will help Eagle Ford crude avoid the Cushing/Permian crude oil competition and reach better markets Will crude oil distribution system build outs in Houston take some Eagle Ford off the water Quality of Blended Crude Continue to see substantial variability in quality Producers and refineries desire to maintain quality and value of Eagle Ford Shale barrel through segregation How does quality drive destination choices? Market for High Gravity Crude Oil Significant amount of high gravity barrels headed our way will condensate splitters and export capabilities as well as topping units be enough to absorb supply? Will the Success of the Eagle Ford Drive Midstream Companies and Producers to View Infrastructure Commitments Differently? 16

18 Platts Pipeline Development and Expansion NuStar Energy s Eagle Ford Program Thank You 4

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